CIC Association

Serving Community Enterprise

CICs seeking investment

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CICs seeking investment

If you would like the Association to get involved with helping you raise funds, please register your interest here and we will contact you to discuss your individual requirements.

 

CIC Association recommends for start ups/small projects :

Awards for All(Not for profit-3 Directors required, up to £10k)

 

Unltd (For funding individuals with great ideas,up to 15k for salary,project costs)

Members: 147
Latest Activity: Nov 9

CIC Association recommends:

Awards for All clarification: No distinction will be made regarding the type of CIC you are.

'Each programme will have its own eligibility criteria. In respect of CICs, as long as this type of organisation fits with the types of organisations that the specific programme will fund, no distinction will be made regarding the type of CIC that they are.

 

However, any grant funds awarded would need to be ring fenced and appear on the accounts as restricted funds. Therefore they could not be used or be considered as being potentially used as a contribution towards any profit distribution or to supplement free reserves.'

Discussion Forum

What is Social Investment Tax relief? 2 Replies

SITR is a tax relief for individuals who invest in social enterprises. For this purpose social enterprises are community interest companies, community benefit societies or charities. It applies for…Continue

Tags: is, SITR?, what, Relief, Investment

Started by John Mulkerrin. Last reply by John Mulkerrin Feb 6.

Possible funding available to CIC's in 2017 7 Replies

Hi everyone,We are new to the CIC association forum and have recently set up a CIC and after reading the forum I have noted that older posts show that the funding for CIC's is limited.Has anyone got…Continue

Started by Tanya Dennis. Last reply by John Cropley Jan 18.

Maybe this could be the answer to your problems for investment. 5 Replies

OK. Having thought about my recent posts, it got me thinking.It is obvious that, no matter the reasoning, funders are in general looking for some kind of assurance that their grant/loan etc. will be…Continue

Started by Paul Gill. Last reply by Mary Burrows Jan 2, 2016.

What does this mean in Layman's terms? A guarantee company can borrow money and may issue debentures or debenture (loan) stock? 2 Replies

Hello Everyone,I posted that question on my wall and John Mulkerrin kindly responded. I then asked another question and John invited me to post the thread as a discussion for posterity and other's…Continue

Tags: laws, resources, loans, funding, CIC

Started by Bret Warshawsky. Last reply by Bret Warshawsky Apr 1, 2015.

Comment Wall

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Comment by John Mulkerrin on August 15, 2012 at 15:04

Hi Harrie

many loans through traditional lenders such as banks, in the main, dont regard the number of directors as key. Neither would anyone investing in Shares, although they would (at least should) take it as part of the overall governance strength of the organisation, and in that perspective it could have an effect on any investment.

All grant providers have different criteria, and within that may have different criteria for different funds they offer. I can understand why many want independent directors on a board, it means they can give more grants and spend less on checking how they are spent, assuming an independent board will catch most wrongdoing.

Your local authority, social investors like SIB will look at any proposals.  A company with 10 million turnover, a strong finance team and 1 director might well look a little stronger than a 3 director start up, it is one of a number of criteria and in many cases not a leading one.

Sorry for being vague, we are working on plans to put together a data matrix which you can put your own circumstances into to find exact matches.....not as easy as it sounds when you delve into it.

Most organisations still want to receive your application even if they might decline it as they are often judge by that, so some dont want to be specific.

Comment by Sharon Cannings FRSA on August 7, 2012 at 19:28

Buzzbnk , as with all crowdfunding is hard work. I liked Buzzbnk's angle as they were coming from a social enterprise sphere. I think they've just launched a new crowdfunding challenge where there's some prize money on the table, too.

You have to be prepared to put in a lot of hours getting the message out there, as only around 6% will actually donate. Prodding people on Twitter and  Facebook, (without being annoying), learning to ask anyone and everyone for money is not as simple as it sounds!

The Big Lottery, or at least awards for all, was straightforward enough. Two of our directors live at the same address so we had to get a letter from our bank confirming that our third director was a signatory, and that the two at the same address couldn't sign together for cheques.

Nice and simple... fingers crossed for a Heritage Lottery grant application for a nice little documentary we've got planned...

Comment by John Mulkerrin on August 6, 2012 at 19:09

We call it 'The Valley of Death', literally thousands of CICs are passing through it, trapped in it, some even choose to remain in it.

There are loads of different small pots always being announced, and an abundance of secured/loan finance available............but in reality the changes this Govt make via The Finance Bill and the Red Tape Challenge (within which they are discussing 'enabling' social investment) will really decide if we spend the next few years going in circles or moving forward.

We've got our messages in there, in time and via the right channels, i'm very positive that that they'll come through for us. Whatever happens, we're gonna be expanding our outpost right in the middle of it.

I would love to hear more about your crowdfunding experience, it is something we have looked at (not a chance in hell we'll do anything until we know what's happening with the above mentioned regulation), but we think we'll collectivise CICs by theme rather than leaving it to each CIC individually.

How did you find the Big Lottery process?

Comment by Sharon Cannings FRSA on August 6, 2012 at 16:09

There seems to be a significant gap between start up funding and large scale investment.

Our CIC has benefited from Unltd and Awards for All, but are now finding the transition to playing with the "Big Boys" rather tough!

We successfully crowdfunded £2000 recently with Buzzbnk (crowdfunding's bleedin' hard work!) so we can test a new business model. Social funders, as with any other investors are pretty risk averse so it looks as if I'm going to have to do it the hard way by starting smaller and making sure the profit margins are attractive enough for large scale investment.

Wish me luck...

Comment by John Mulkerrin on August 6, 2012 at 11:41

An excellent question Dilbagh!

I have been trying to make progress on this, but the main problem is a lot of the traditional grant funders will not formally confirm, preferring to judge each individual application. For example, a CIC Share company may have shares that are NOT dividend distributing, it is the profit distribution factor that really makes the difference.

We're slowly gathering evidence and this years survey is trapping some information around this, if you or any other CIC reading hasnt completed it yet please do so here: http://www.ezsurvey.org.uk/surveys/index.php?sid=92615&lang=en

We do want to put together a matrix that'll help, being realistic we wont be able to get anything done in the short term, but aside some of the grant making bodies most of the other intermediaries in social finance would be happy to consider investments into CIC limited by Share.

That doesnt mean much business is actually happening though, last year only £3.5 million of risk investment went into the social economy.

If you have a specific proposal id be happy to arrange a few introductions.

Comment by Dilbagh Dhami on August 5, 2012 at 11:57

Help! Is there a list of funders who have/ or are willing to fund CICs with shares (CLS)? I haven't found one yet, so please share any success stories and names of funders who are sympathetic :)

Comment by catkins childcare cic on July 31, 2012 at 18:19

We are a CIC providing childcare facilities for the local community and surrounding areas. We are struggling for space and are having to turn away 2 year old children that have been identified by our Local authority as "vulnerable" We desperately need funds to help build/rent additional premises to assist these families within the community

Comment by kafayat Balogun on June 18, 2012 at 20:41

How do I join this group should have being my first questions? Am I in already?

Comment by kafayat Balogun on June 18, 2012 at 20:39

 Our project is a drop-in creative arts and crafts activities from household rubbish into beautiful new things planned to be free to all members but couldn't secure funding for this, we will like to hear form any one or group that can assist with fund raising, filling forms and applying for it. We have a couple to close this month. Please contact Kay or Kafayat on 07958404028, 08448074028 or kendagcic@yahoo.com, daraqute@gmail.com Thank you Kay Balogun 

Comment by Donna Blundell on May 16, 2012 at 14:03

Looking for people to join our CIC

Would like to hear from anyone who can assist with our project for people and families with disabilities/special needs.

Email us at yourresortcic@gmail.com for more information

Thank you

Donna Blundell

 

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